Guaranteed Investment Certificates (GICs) 101 with Mahima Poddar from EQ Bank

beyond MD with Dr. Yatin Chadha

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1+ y ago 25:45

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Next to our volatile markets, guaranteed income certificates (GICs) have been one of the most discussed topics over the last year.
In this episode I sit down with Mahima Poddar of EQ Bank to dissect these in a bit more detail.
Mahima Poddar is the Senior Vice-President & Group Head of Personal Banking at Equitable Bank (EQ), which has now grown to $8 Billion in deposits and over 300K customers.
Discussion Points:
- what is a GIC? (6:15)
- payment frequency (6:36)
- reinvesting interest (7:11)
- what influences GIC rates? (7:45)
- registered vs non-registered rates (10:03)
- GIC rates at big banks vs EQ & other smaller banks (10:30)
- redeemable/cashable GICs: how much of your cash can you remove? (11:40)
- what if you need to pull out $$ from a non-redeemable GIC? (12:20)
- GIC protection through CDIC (13:06)
- understanding a laddered GIC approach (14:33)
- market-linked GICs (16:31)
- the pain points EQ bank is trying to solve & plans for business banking (19:30)
Reach out anytime: beyondmdpodcast@gmail.com.
Mahima's LinkedIn:
https://www.linkedin.com/in/mahima-poddar-73b1b430/
Yatin's Resources:
https://www.youtube.com/watch?v=LhaXNoURidA
https://www.youtube.com/watch?v=gno63208wsY&t=8s
https://www.youtube.com/watch?v=CwviUABYzXM
beyondmdpodcast.com
https://www.linkedin.com/in/yatin-chadha-29074b109/
https://www.instagram.com/beyond.md/

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